The $1,588 L.A. average compared with $538 in Tulsa, $655 in Tucson and $1,459 in the San Francisco metro area. Renters had a lot of options, as a number of newly built condos and apartments came on the market in Hollywood, the San Fernando Valley and elsewhere, said Delores Conway, director of the Casden Forecast at the USC Lusk Center for Real Estate. The construction boom, she said, is providing relief to renters. At the same time, people squeezed out of apartments in the most expensive areas are doubling up and sharing, said Anthony Yannatta, chief executive of Santa Monica-based listings service Westside Rentals. Last month, Westside Rentals posted a new roommate networking tool on its website to help potential renters find roommates. As rents continue to rise, people are wondering whether they should buy. But mortgage payments are still, on the whole, higher than rental payments, Conway said. And many renters can't come up with the down payment necessary for a purchase.
April 19, 2007